Eastern Caribbean Securities
Exchange
203,799 units of ten companies traded on the secondary
platform of the Eastern Caribbean Securities Market for
the six-month period ended 31 October 2013. St. Kitts Nevis
Anguilla National Bank comprised over half of the volume,
controlling 53.09%. The company has had 2.22% trimmed off
its share price for the year.
Over the period, price changes of four companies resulted
in an advance: decline ratio of 1:3. Dominica Electricity
Services Limited was the only company posting an advance,
closing October at XCD4.00, up 23.08%. This price change
was driven by one transaction. The other two companies
recording declines for the period were Cable & Wireless St.
Kitts and Nevis, closing down 10.3%, and East Caribbean
Financial Holding Company Limited (ECFH). ECFH has
continued its downward trajectory closing 26.43% in the red.
Over 2013, the company’s share price has declined 30%.
ECFH released its 2012 financial statements in June. The
company reported an XCD122.5 million (approximately
In August, regional ratings agency CariCRIS assigned
an adequate (CariBBB) rating on the XCD404.5 million
2013/2014 debt program of the Government of St. Lucia.
The program covers XCD267 million in new borrowings in
Treasury bills and bonds, with the balance for refinancing
maturing debt. Strengths quoted included the stability of
the monetary and exchange framework supported by the
Eastern Caribbean Central Bank (ECCB), the relatively
diversified economic base, moderate balance of payments
and relatively low external debt. The sovereign continues
to navigate through declining government revenues and
rising expenditures.
The Government of the Commonwealth of Dominica also
received an ‘adequate’ creditworthiness (CariBB-) rating
for USD25 million notional debt size on its Regional Scale
Foreign and Local Currency. CariCRIS pointed to Dominica’s
moderate indebtedness and relatively low debt to GDP ratio.
These statistics were aided by the country’s debt restructuring
program in 2004. More recently, an agreement was reached
in 2012 with RBC Royal Bank, to restructure XCD100 million
of Dominica debt held by that institution.
Over the period, Dominica has rolled over two of their XCD20
CariCRIS also affirmed the CariAA- rating for corporate Eastern Caribbean
Home Mortgage Bank (ECHMB).
USD45 million) loss in 2012, from an XCD8.4 million profit
in 2011. Bank of St. Lucia Limited (BOSL), ECFH’s largest
subsidiary, was the major factor for the loss generated. BOSL
reported an XCD122.7 million loss, driven by impair